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Property has been a popular route to wealth for many Australians for many years. Buying their own home is often the first investment many people make; purchasing another property may well be the second even before shares and other assets.

It has been said that property prices can be less volatile than share prices though not always and it tends to be regarded as a safe haven when other assets are declining in value. Property has the potential to generate capital growth as well as rental income. In addition, there are the tax advantages associated with negative gearing and capital tax concessions.

No wonder property investing is one of the favourite mainstays of investments for Australians.

But there is the dark side of property as well. Over the past 10 years, property prices have been surging faster than the rise in wages. Consequently, the level of debt that comes with this phenomenon has increased significantly for Australians, putting many of them in serious debt situations. As a result, the Australian dream of home ownership has become an elusive hope as housing becomes more and more unaffordable, along with soaring rents.

Without a doubt, this issue is polarising Australia, as there is an increasing perception that some in the community are benefiting from property at the expense of others. Whether this perception is justified or not, it is a making property more and more into a vested emotional issue for the Australian community. Consequently, with the Australian economy at the turning point after 17 years of uninterrupted growth and the global financial system rocked by a credit crisis, we are seeing conflicting forecasts by various experts on the future of Australian property prices.

So, what is the future for Australian property prices?

It is in such a time that clear thinking is urgently required. And so, on the 15th of October 2008, we are inviting members of the Australian online community to a debate on property at “Property 2009: Crash, Boom or Stagnate?!” We will be inviting the various high-profile experts to this debate. Stay tuned as we reveal who they are!

This post is written by Contrarian Investors’ Journal in conjuction with launching our property debate. To find out more on what this debate can do for you or to simply register your interest for this event please head to our forum for more information.